Bitcoin started weekend trading above $17,000 as traders prepare for next week’s Federal Reserve rate decision. Markets are now expecting the Fed to hike rates further after higher-than-expected producer prices rose. Ethereum mainly consolidated on Saturday as prices moved back towards a key price floor.
Bitcoin
Bitcoin (BTC) remained above the $17,000 mark at the start of the weekend despite crypto markets mostly consolidating.
BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session, which comes a day after hitting a high of $17,280.55.
As a result of today’s drop, BTC continued to move below its recent resistance level of $17,200.
BTC/USD daily chart
Looking at the chart, it now looks like bitcoin could move towards a bottom of $16,750 as market volatility remains high today.
The turmoil came as the 14-day Relative Strength Index (RSI) continued to range between a bottom of 50.00 and a high of 52.00.
For bulls to fully regain market sentiment needs a break above 52.00 level which could then lead to a return of bullish momentum.
ether
Like Bitcoin, Ethereum (ETH) also consolidated early in the weekend, with the price moving near a key support point.
After peaking at $1,290.06 on Friday, ETH/USD moved to a low of $1,260.82 earlier in the day.
As a result of today’s decline, the world’s second largest cryptocurrency was nearing a recent bottom of $1,230.
ETH/USD daily chart
The chart shows that today’s consolidation comes as the bulls failed to break out of a resistance point at $1,300.
As of this writing, Ethereum now appears to be heading towards the aforementioned floor at $1,230.
This is because the 10-day moving average (red) appears to have halted recent gains and is slowly moving lower.
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Will Ethereum End the Weekend Below $1,200? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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